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05-15-2018, 12:55 PM #1
CA. made $60.9 Million in tax revenue from cannabis industry in 2018 first quarter
California made $60.9M in tax revenue from cannabis industry in 2018 first quarter
This undated file photo shows a marijuana plant in an indoor grow. (Shutterstock)
Monday, May 14, 2018 02:46PM
Tax revenue from the cannabis industry totaled $60.9 million in the first quarter of 2018, according to the California Department of Tax and Fee Administration.
That amount includes state cultivation, excise and sales taxes and does not include local tax revenue collected by cities or counties, the CDTFA said in a news release.
MORE: Plan calls for lower taxes on marijuana in California
A bipartisan pair of California lawmakers say taxes are too high on marijuana in California and they're proposing to cut them.
Beginning on Jan. 1, two new cannabis taxes went into effect -- a cultivation tax on all harvested cannabis that enters the commercial market and a 15 percent excise tax on the purchase of cannabis and cannabis products.
Also, cannabis and cannabis products are subject to state and local sales tax at the time of retail sale, the CDTFA said.
Within the first quarter of calendar year 2018, the cultivation tax generated $1.6 million, the excise tax generated $32 million, and the sales tax generated $27.3 million in revenue, according to the department.
Medicinal cannabis is exempt from sales tax if the purchaser holds a valid Medical Marijuana Identification card.
http://abc7.com/business/2018-ca-tax-revenue-from-cannabis-industry-$609m/3472175/
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05-15-2018, 12:59 PM #2
Good!! But they need to reduce tax rates to make them the same or about the same as for other businesses. No reason for them to pay rates so much higher than other businesses.
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05-15-2018, 01:04 PM #3"The only thing necessary for the triumph of evil is for good men to do nothing" ** Edmund Burke**
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05-15-2018, 01:40 PM #4
$61 MILLION TO ILLEGAL ALIENS
SHOVE IT...BUY YOUR POT UNDERGROUND AND PAY NO TAX ON IT!!!ILLEGAL ALIENS HAVE "BROKEN" OUR IMMIGRATION SYSTEM
DO NOT REWARD THEM - DEPORT THEM ALL
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05-15-2018, 01:41 PM #5
Then don't worry about it, MW. You've got a 100% illegal recreational weed trade in your state, enjoy! I support the states who are legalizing and regulating weed. Nice American grown crops, nice safe stores, American workers, regulations for age, content, quantity and taxes like other businesses have to pay. All good in my book!
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05-15-2018, 03:01 PM #6
NC collects tax on people selling pot, cocaine, other illegal drugs
By: Richard Essex
- Updated: May 03, 2018 08:49 AM EDT
RALEIGH, N.C. (WNCN) - The state of North Carolina is collecting taxes from people selling pot and cocaine, moonshine and other illegal drugs.
So far this fiscal year, the Department of Revenue has collected more than $5 million in taxes on illegal drugs and liquor.
The tax is officially called the Unauthorized Substance Tax.
For an explanation, CBS 17 News asked Jocelyn Andrews, the chief operating officer of the Department of Revenue.
“A little unusual, it was not our usual tax of income tax be it personal or corporate or sales tax,” Andrews said.
Paying the tax doesn’t mean a dealer or moonshiner has a license to sell their wares legally in North Carolina.
It is a pretty straight forward process, the form doesn't require a name just an address where the Department of Revenue can send the stamp, or you can buy them in person.
“The statute number one prohibits us from releasing any taxpayer information for any tax type but it is also very specific that this tax type that information can’t be turned over to law enforcement and can’t be used in a criminal action against somebody that would be in possession or purchasing these stamps," Andrews said.
For those that voluntarily pay the tax, marijuana is taxed by weight, stems and stalks are taxed at 40 cents a gram over 42.5 grams.
The leafy part of the plant is taxed at a rate of $3.50 a gram over 42.5 grams.
Under North Carolina law, possession of more than 42.5 grams or an ounce and half is considered a felony, there are no exceptions under the current law for personal use.
The tax on cocaine is $50 a gram over 7 grams.
Meth, heroin and other drugs sold by weight are taxed at $200 a gram over 7 grams.
Pills are taxed by the dose at 200 dollars per pill over 10 doses.
Moonshine $12.80 a gallon.
As of mid-March this year, the Department of Revenue has issued 47 tax stamps, 41 for pot and or marijuana stems, one for cocaine and five for various forms of moonshine or illegal liquor.
So why would anyone get the stamp?
Well, if they get arrested and they don’t have it on their product law enforcement and the Department of Revenue can go after their assets.
And the arresting agency gets 75 percent of the assets seized.
Since 2010 the state has collected more than $60 million.
- July 1, 2010 - June 30, 2011: $8,286,553.59
- July 1, 2011 - June 30, 2012: $8,402,176.01
- July 1, 2012 - June 30, 2013: $8,176,726.64
- July 1, 2013 - June 30, 2014: $7,635,230.67
- July 1, 2014 - June 30, 2015: $6,586,782.94
- July 1, 2015 - June 30, 2016: $7,607,812.15
- July 1, 2016 - June 30, 2017: $7,991,867.99
- July 1, 2017 - Feb. 28, 2018: $5,189,273.38
Which is incentive enough for cash-strapped departments like the Cumberland County Sheriff's Office.
Sgt. Sean Swain with the Cumberland County Sheriff's Office said it is standard operating procedure for deputies and drug task force agents to go after assets.
"Any of their assets that they have with them we take at that time and that is deducted from what they owe the Department of Revenue," Swain said. “The life time dealers just know this is just part of doing business. The people that we get that are younger or new to having narcotics and getting caught with larger amounts it is too them.”
Swain said one veteran dealer wrote a $32,000 check to cover his tax lien.
"We have quite a bit of narcotics in our evidence room that is part of the DoR's substance abuse tax lien. When our agents go out and we do a search warrant if they have suffient amount, they will get their BD-4 form right there, before they go to jail, letting them know they owe money to the Department of Revenue," Swain said.
Tax dodging drug dealers helped the Cumberland County Sheriff's Office pay for four new patrol motorcycles.
http://www.cbs17.com/news/investigat...s-1/1142691282.
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05-15-2018, 07:26 PM #7NO AMNESTY
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